Amendment to Current Report (Form 8-K/A)

LENSAR Reports First Quarter 2025 Results and Provides Business Update

14 ALLY Robotic Laser Cataract Systems™ ("ALLY Systems") placed in 1Q 2025 with an additional backlog of 24 systems pending installation as of March 31, 2025

34% Revenue growth over the first quarter 2024 and 22% Recurring revenue growth in the trailing twelve months

Worldwide procedure volumes increased 33% over the first quarter of 2024

ORLANDO, Fla. (May 8, 2025) - LENSAR, Inc. (Nasdaq: LNSR) ("LENSAR" or the "Company), a global medical technology company focused on advanced robotic laser solutions for the treatment of cataracts, today announced financial results for the quarter ended March 31, 2025 and provided an update on key operational initiatives.

"We had a solid start to 2025, as we successfully placed 40% more ALLY Systems in the first quarter of 2025, compared to the first quarter of 2024. Similarly, we achieved a substantial 34% increase in revenue and our worldwide procedure volumes were 33% above first quarter 2024 levels. Over the quarter, we began to see the positive impact of the ALLY Systems placed in the latter half of 2024 as they contributed to significantly higher procedure volume and recurring revenue year over year," said Nick Curtis, President and CEO of LENSAR.

First Quarter 2025 Financial Results

Total revenue for the quarter ended March 31, 2025 was $14.2 million, an increase of $3.6 million, or 34%, compared to total revenue of $10.6 million for the quarter ended March 31, 2024. The increase in the first quarter of 2025 was primarily due to increased system sales and increased procedure volume. Worldwide procedure volume increased by approximately 33% in the first quarter of 2025 as compared to 2024. The Company's laser systems performed approximately 22% of total U.S. procedures in the quarter ended March 31, 2025. During the three months ended March 31, 2025, the Company placed 14 ALLY Systems, increasing the installed base to approximately 150 ALLY Systems with the total combined installed base of LENSAR Laser Systems and ALLY Systems increasing to approximately 395 as of March 31, 2025, reflecting a 26% increase over the total combined installed base on March 31, 2024.

The following table provides information about revenue and revenue attributable to recurring sources, which we consider to be all components of our revenue except for the sales of our systems:

The following table provides information about procedure volume:

Selling, general and administrative expenses were $11.1 million and $6.8 million for the quarters ended March 31, 2025, and 2024, respectively, an increase of $4.4 million, or 64%. The increase was primarily due to approximately $4.2 million in acquisition-related costs incurred in connection with the proposed merger with Alcon Research, LLC ("Alcon") announced on March 24, 2025 (the "Alcon Transaction" or the "merger").

Research and development expenses were $1.5 million and $1.4 million for the quarters ended March 31, 2025, and 2024, respectively, an increase of $0.1 million, or 6%.

Net loss for the quarter ended March 31, 2025, was $27.3 million, or ($2.32) per common share, compared to a net loss of $2.2 million, or ($0.19) per common share, for the quarter ended March 31, 2024. The increase in net loss in the first quarter of 2025, as compared to the first quarter of 2024, was predominantly due to the change in warrant liability associated with a significant appreciation in the Company's stock price, which increased 58% during the three months ended March 31, 2025. Included within net loss were stock-based compensation expenses of $0.7 million for each of the quarters ended March 31, 2025 and 2024.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") for the quarter ended March 31, 2025 was ($26.4) million, compared with ($1.4) million for the quarter ended March 31, 2024. Adjusted EBITDA, which we calculate by adding back stock-based compensation expense, change in the fair value of warrant liabilities, and acquisition-related costs was $0.2 million for the quarter ended March 31, 2025 and ($1.3) million for the quarter ended March 31, 2024. EBITDA and Adjusted EBITDA are non-GAAP financial measures, and a reconciliation of these measures to net loss is set forth below in this press release.

As of March 31, 2025, the Company had cash, cash equivalents, and investments of $25.2 million, as compared to $22.5 million at December 31, 2024. In connection with the Alcon Transaction, we received a $10.0 million cash deposit in the first quarter of 2025.

Conference Call

Following the recent announcement of LENSAR's definitive agreement to be acquired by Alcon, the Company will not be hosting an earnings conference call.

About LENSAR

LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the procedure. LENSAR has developed its ALLY Robotic Cataract Laser System™ as a compact, highly ergonomic system utilizing an extremely fast dual-modality laser and integrating AI into proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR's advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR's proprietary Streamline® software technology, designed to guide surgeons to achieve better outcomes.

Forward-looking Statements